The Reserve Bank of India (RBI) on August 29, 2024, updated Master Direction – Export of Goods and Services.
The following has been stated-
•The export of goods and services from India is regulated by Section 7 of the Foreign Exchange Management Act (FEMA), 1999, along with relevant notifications and rules, such as the Foreign Exchange Management (Current Account Transactions) Rules, 2000, and FEMA Notification No. 23(R)/2015-RB. These regulations are periodically updated through amendment notifications to reflect changes in the regulatory framework.
•Under Sections 10(4) and 11(1) of FEMA, 1999, the Reserve Bank of India (RBI) issues directions to Authorized Persons on how to conduct foreign exchange transactions with their customers, ensuring compliance with the regulations. These directions serve to guide the execution of foreign exchange business by Authorized Persons.
•The RBI has compiled instructions for exporting goods and services from India in a Master Direction, which includes the underlying circulars and notifications that form its basis. Reporting instructions are detailed in a separate Master Direction on reporting (Master Direction No. 18 dated January 1, 2016).
•The RBI will continue to issue A.P. (DIR Series) Circulars to Authorized Persons whenever necessary, to communicate any changes in regulations or transaction procedures. The Master Direction will be amended accordingly, ensuring it remains up-to-date with current regulatory practices. This direction is issued under FEMA, 1999, and does not exempt compliance with other applicable laws.
[Notification No. RBI/FED/2015-16/11]
